St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-17
instructions, and that if they had been
so used the firm
ED NOT HAVE FAILED,

NEED NOT HAVE FAILED,
and the market would not have Eeen
depressed. 1t is also claimed that de-
PENDANTS owe Kershaw IL Co. $3.50, 600,
also that they are liable to repay all the
money advanced them as margins. The
other early birds were w. p. Turtle,
who secured an attachment against Hahn
u Bro, for $3.50; Edward II: Sedgwick
against the same, $500; William S.
Adams against B. j. McCleary IL Co.,
800, and w. G. Press against M. S.
Robinson & Co., Sl47.50 and several
others. Victor MacFarlane commenced
suit against 3. j. McCleary for $4,000,
and secured an attachment to protect
him. In times of trouble like the pres
ent, those who are not too badly hurt,
and those who have had narrow escapes,
which means nearly everybody left on
the board of trade, naturally turn to
think of plans to prevent similar diff
cultieS in the future. SO lots OF traders
who found nothing else to do on the
floor to-day talked of new rules. A
plan was suggested similar to that now
used by the new stock board. Under 1t
ALL TRADES WOULD BE SETTLED
at the close of each day, the loser paying
the difference. This was very generally
discussed while waiting for the noon
announcements. Many favored it. Per
haps majority thought that it ought
to be tried, but majority just at
presents is doubtless in favor OF anything
that is new. Those who oppose thought
the chief objection to it lay in the fact
that the man who had to pay when the
market went against him would have no
security or satisfaction of any part eX-
cept that he might demand margin
deposit ticket return, but margins then,
as now, would be very uncertain.
There was lots of grumbling tryay
about the failure to put up margins.
Several brokers said they haI made re-
peated calls during the last few days,
and had been repeatedly answered that
the money had been put up. A boy had
just been sent to the bank with check,
or the check would be sent over inside
of ten minutes, or some such similar
answer would be returned, and yet the
money was not up. These men urged
that at least one party to each trade
would be no better off under the new
system than the old.
Victor W. Macfarlane commenced suit
against B. J. McCleary for $4,000, and
secured an attachment to protect him,
and B. j. McCle..ry & Co. confessed
Judgment of note given Yesterday to
Wilson IL Boyd, for $4,000. This is the
panic which has yet appeared in court.
About il o'clock there seemed to be a
rush after the firm of Charles j. Ker-
shaw & Co. Watson F. Blair was the
first to apply for an attachment, which
he secured, the amount being 81, 1862.
He was followed by Orr & COmte, who
secured an attachment for $1,000, and
William X. Lem, who got one for S15,-
1880. Rumsey Il Chandler afterward
took one out against B. j. McCleary for
Si5,0Oc, and had it suppressed, while
August c. Heimhold got one against
the same firm for $3.50, and was followed
by Snodgrass q Spear, who took one
out against them for S1,255.
THE WRITS
then commenced to be pushed against
new firms to the court clerk. Walter d.
Gregory secured an attachment against
NJ. B. Crafts & Co. for S5,GtS.77; II. O.
Barker took out one against Gregg, Son
& Co. for s362.5O, Bacon IL Lindman got
one against Yant Il Brearby for S775,
II. II. Carr secured one against ii. X.
Matthews for 81 ,925 and E. c. Ward was
given one against George r. HOughtOn
for S367.59. Eyes, know Wiltshire has
sued us for S2,000,000." said D. M.
Johnson, of Rosenfeld & Co. ''This
suit is but another step in the continu-
Gus game of high bluff they've been
playing since Monday morning. They
have been all promises and pleasant
protestations since Monday. and they
kept none of them. This suit is only
another bluff. What's in the pot now
has been bluffing. There's nothing in
the pot. We sued them yesterday for
Sl,O00,00O and they sue us to-day
for s2,OC0,O0O. The difference is
that we have valid claim which they
haven't. We are glad they have sued
us. 1t will show -" Here Mr.. John
son was interrupted by a remark from
another member of the firm accompan-
led by cautionary look. I'VE are much
pleased" resumed Mr.. Johnson, sat
their action. The litigation will be
beneficial to us and injurious to them"
Bryant & Co. were, it is said, carrying
100000 bushels of cash wheat for Ker-
shaw, and are perfectly solvent, but
their money is all tied up. Nobody was
willing to take the cash wheat at
figure that would satisfy Kershaw, and
so Bryant & Co. took the easiest way
out of it and had all open trades closed.